- AI-based applications will increase vulnerability of businesses to cyber-attacks and technical failure, leading to larger-scale disruption and loss scenarios
- Companies face liability challenges as responsibility shifts from human to machine and manufacturer. New framework needed to manage rise in AI-generated damages
- Risk management can help maximize the net benefits of AI. Five areas are crucial for identifying threats: software accessibility, safety, accountability, liability and ethics
- Insurance industry is an early adopter of AI applications to automate repetitive processes, boost risk analysis and improve customer interaction
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Emerging AI risks in five areas
Insurers are early AI adopters
SOURCES
1. Accenture, Why Artificial Intelligence is the Future of Growth, January 2017.
2. Lloyd’s, Extreme cyber-attack could cost as much as Superstorm Sandy, July, 2017.
3. Allianz Risk Barometer 2018, January 2018.
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About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. AGCS provides risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film actors. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
We constantly strive to deliver the best for our customers through our global team of around 4,400 employees from over 70 nationalities in 34 countries worldwide. As the one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial strength ratings and a global network in over 200 countries and territories. In 2018, AGCS generated a total of €8.2 billion gross premium worldwide.